CEXs vs DEXs
Centralized exchanges (e.g. Coinbase, Binance, and Kraken), and decentralized exchanges (e.g. Uniswap, Jupiter, and Raydium) are both types of online marketplaces where users can buy, sell, and trade cryptocurrencies.
By Geoffrey Lyons
Published on Nov 15, 2024
Last modified on Feb 26, 2026
Centralized exchanges (e.g. Coinbase, Binance, and Kraken), and decentralized exchanges (e.g. Uniswap, Jupiter, and Raydium) are both types of online marketplaces where users can buy, sell, and trade cryptocurrencies.
The difference between them is how they’re managed: A CEX is run by a single entity that oversees all transactions. A DEX is run by blockchain programs called smart contracts, which execute transactions automatically.
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Same transaction, different exchanges
Suppose John has Ethereum in his wallet (a tool that lets people send and receive crypto), and he would like to trade it for Solana.
